Post Closing Guide

Frequently Asked Questions

Your Closing May Be Over, But Work Is Still Being Done For You!

What happens after a buyer leave the closing table?

Afterclosing, the title company has several key roles:

 

1.**Title Insurance**: They provide title insurance to protect the buyer againstfuture claims on the property.

 

2.**Recording Documents**: The company records the deed and other documents withthe local government, officially transferring ownership.

 

3.**Disbursing Funds**: They manage the disbursement of funds, paying offexisting liens and settling closing costs.

 

4.**Closing Statements**: They prepare the closing statement, detailing allfinancial aspects of the transaction.

 

5.**Maintaining Records**: The title company keeps records of the transaction forfuture reference.

 

6.**Resolving Title Issues**: They assist in resolving any title issues thatarise after closing.

 

7.**Customer Service**: They provide ongoing support to homeowners regardingtitle insurance and property rights.

 

Insummary, the title company ensures secure ownership and proper handling of thetransaction after closing.

What happens after the seller leaves the closing table?

Afterclosing, the title company has several key roles:

 

1.**Title Insurance**: They provide title insurance to protect the buyer against future claims on the property.

 

2.**Recording Documents**: The company records the deed and other documents with the local government, officially transferring ownership.

 

3.**Disbursing Funds**: They manage the disbursement of funds, paying off existing liens and settling closing costs.

 

4.**Closing Statements**: They prepare the closing statement, detailing all financial aspects of the transaction.

 

5.**Maintaining Records**: The title company keeps records of the transaction for future reference.

 

6.**Resolving Title Issues**: They assist in resolving any title issues thatarise after closing.

 

7.**Customer Service**: They provide ongoing support to homeowners regardingtitle insurance and property rights.

 

Insummary, the title company ensures secure ownership and proper handling of thetransaction after closing.

What about the current mortgage/liens on the property?

We pay the current open Mortgage/liens at the time of transfer, depending on their lender/lien holder instructions, that could be wire or by check overnight mail. It is then our responsibility to be sure that it is satisfied on record in the appropriate jurisdiction the original mortgage/lien was filed in.

What about the open property taxes at the time of closing?

It is our responsibility to make sure all open property taxes are paid at the time of closing. You are not responsible for any unpaid taxes prior to your close date.

How is the Water/Sewer/Garbage transferred for the property?

In  most Erie County municipalities, the seller’s representative handles ordering,  obtaining and paying the final water bill. Our responsibility as your title company is to be sure this is paid as part of the transaction, since an unpaid water bill creates a lien on the property. At the time of closing, we will discuss the specific process for your transaction.

What if I receive an invoice for previous owner?

Contact us right away so we can take the appropriate action to  be sure it is corrected for you. You are not responsible for any charges prior to your closing date.

What are other responsibilities of the title company at the time of closing?

*Homeowner Association Dues

*Condominium Dues

*Sending original documents to the lender

*Maintaing and disbursing any repair escrows held at the time of closing.

*Maintaining and disbursing any PA Inheritance taxes held at the time of closing

*Answering and resolving all post-closing issues or questions.

Help, I was sent a letter saying I have to pay for my Deed, why

Due to the real estate transfer being public record, this opens you up for a lot of spam, companies research those transactions and sadly, sometimes, are successful.

You DO NOT need to pay for a copy of the recorded Deed. Our office has a copy on file, the Courthouse has a copy (which is most important) and you will receive your original with your Owner’s Policy.

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